Bounce Funding: Raised 150 million Dollars
Bounce raised 150 million dollars from Eduardo Saverin’s B Capital and Accel Partners Limited
In the final round of financing by Eduardo Saverin’s B Capital and Accel Partners Limited Bounce, an Indian startup that operates on electric and gasoline scooters managed to raise 150 million dollars. With this new funding now the company values over 500 million dollars. This is quite high from the last funding round held in June worth 200 million dollars.
According to the founder of StartupLanes, Shishir Gupta:
We need more startups like Bounce which is not only focusing on its product but also customer’s affordability and time-saving. While coming up with any product we need to align with Millenium Development Goals (MDGs) too. I think Bounce is also somehow contributing towards MDG 7 which states we need to ensure environmental sustainability.
Bounce also known as Metro Bikes is a Bengaluru based startup that runs over 17,000 scooters, started by Vivekananda HR, Co-founder It offers customers to rent a scooter 1 rupee per kilometer and 1.5 per hour. Customers can park their drop at their nearby parking slots. The startup is giving a tough competition to Ola’s Vogo and Uber’s Yulu which have been backed by billions of dollars. The company is keeping its body and soul together due to its affordability and environment-friendly reasons. It also provides keyless scooters with fuel and helmets which can pick and drop anywhere. The company hit the traditional method of Ola and Uber which hire drivers. Covering 60,000 rides per day it has become the fastest-growing bike-sharing startup in the world. It knows you can’t make it affordable with the driver and if the customer knows how to drive the scooter and why there is a need for a driver.
Two-wheelers with eco-friendly systems are striking back due to the heap of traffic plus they are pollution-free. India is the world’s largest two-wheeler market. According to 2019 data, two-wheeler’s majority of production is of two-wheelers. In 2018-19 around 21.18million two-wheelers were sold. The Indian electric two-wheelers market is expected to reach 698.3 million dollars by 2025.